So When Selling a Domain on GoDaddy Auctions they Hold Funds for 20 Days?

[lennco]

I have never sold a domain on Godaddy's auctions until Sunday.
I have bought a lot of domain on GD's auctions but I usually make my sales through direct sales or on Sedo.

The buyer paid immediately and I see the status is now,
"Funds received, authorization pending"

So I was wanting to know how long it takes to receive payment so I found this on Godaddy's forum, it actually says it can take 26 days,

Once the buyer pays for a domain on Go Daddy Auctions, the funds are held for a full 20 days in the Transaction Assurance period. We release the funds on the 21st day and it may take up to 5 business days for the funds to be submitted to the Pay Pal account you entered when listing the domain. If it has been more than 26 days since you received notice of the buyer’s payment, please contact [email protected] to see if the buyer filed a dispute for non-receipt of the domain. You may review the Go Daddy Auctions Membership Agreement for additional information regarding the payment processing service
http://support.godaddy.com/groups/go-daddy-auctions/forum/topic/not-yet-received-my-payment/

That is a long time to receive your funds.
Has anyone had experience with this, and if so how long did it take you to get your money?

Thanks

 

[Ms Domainer]

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Go Daddy does this to protect the seller (and Go Daddy--natch).

If a buyer pays with Paypal, he/she can do a charge back for up to 60 days. I think Go Daddy just wants to make sure the buyer isn't a charge back scammer.

Sedo holds funds as well.

So the question posed: do you want your transaction to be fast or safe?

I'll pick safe every single time.



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[lennco]

I have never had this come up over at Sedo, they have never held my funds due to buyers payment method, at least not yet.

It never seems to be an issue when using Escrow.com.
Maybe the seller should have the choice of accepting PayPal or not.
I mean if someone has up to 60 days to make a claim then 20 or 26 days wont make much of a difference.

Also how do I as the seller know what payment method the buyer used? If they are not using PayPal then the waiting period shouldn't be so long.

Thanks

 

[Ms Domainer]

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I suspect that Go Daddy has some kind of algorithm about number of days a charge back occurs, thus playing the numbers game.

I don't know this for sure, though.

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[dnb8]

This changed some time ago, now godaddy pays in 4 - 5 days.

 

[lennco]

This changed some time ago, now godaddy pays in 4 - 5 days.

That would be cool
Thanks dnb8

Rep to you and Ms D :tu:

 

[Ms Domainer]

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My Go Daddy rep also told me that once GD releases the funds to the seller, any subsequent charge backs are assumed by Go Daddy, who then claws back the domain from the buyer.

I'm not sure what happens if the domain has been transferred out, though. In any case, the seller is safe--according to account rep.

So I understand why Go Daddy would want to protect its assets.

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[Richard Vega]

This changed some time ago, now godaddy pays in 4 - 5 days.

This is not true unless they changed it in the last week or two.

I just went through the 20 day wait this month.

 

[lennco]

This is not true unless they changed it in the last week or two.

I just went through the 20 day wait this month.

Well that's a bummer.
I wonder if the 20 day wait period is determined by payment method.

 

[dnb8]

This is not true unless they changed it in the last week or two.

I just went through the 20 day wait this month.

I must correct, that was 7 days, not 5, as you can see on this screen shot from transaction history I just made:
http://abloga.com/screen2.jpg

 

[Name Trader]

@dn8 - You must have friends in high places because I sold a domain on 5th of May and got paid today. I also asked my GoDaddy rep about it just a few days ago and he said, the payment date hasn't changed and was still about 20 days.

 

[south]

If you have a bank account setup with them, they'll wire it in (ACH actually) in 1-2 days for premium listing sales.

Auction sales seem to vary still. I assume it depends on risk involved (payment type / country / etc). Just received payment today for one sold at auctions last week (paypal).

 

[lennco]

Happy to say I received my payment today

It was a total of 9 days.
It might have been 7 or 8 if the sale had not been on the weekend.
The buyer must have used a credit card and not PayPal, I think its when they use PayPal that it takes 20 days.

Its always nice to wake up to a bunch of money in my bank account :tu:

 

[Name Trader]

The standard payment time is still 20-26 days. See my remarks above.

 

[Banezer]

any update

 

[lennco]

any update

Yes, I received my payment......4 years and 24 days ago
How did you find this old thread?

 

[Banezer]

Yes, I received my payment......4 years and 24 days ago
How did you find this old thread?

hahahaha. made a sale on godaddy today was searching a question before i saw this thread via google search

 

[alcy]

hi @Joe Styler

I just wanted to know why you increaed payment hold all the way to 21 days after buyer pays? why not release it after domain transfers? otherwise its dead money sitting in your accounts doing nothing when it could be used by seller for their own needs.

even when I notify auctions by email that domain transfered to buyer , they will not release it. is it really so hard for someone there to press a button that says release funds, that you need to wait 20 days for your system to do it automatically? when I ask them, I am made feel like I am asking for the moon or some operation that takes huge amounts of time and manpower to complete.

what kind of manpower or how many extra hours does it take for your people to do this upon request? no one is asking you to check if transfers completed for each translation yourself, but how abotu doing it for those who request it cause they may need the funds.

is there some logic behind what you're doing? lack of manpower? complexity involved in pressing release payment button?

can you attempt to put yourself in your sellers shoes and say how you'd feel if you were told that funds which belong to you after sale, now have to sit dead and idle for 20 days, cause no one at gd has time to press the release paymetn button upon request?

thanks a lot for clarifying.

 

[forge]

I just wanted to know why you increaed payment hold all the way to 21 days after buyer pays?

When did this supposedly take effect? Because I have never heard of this before with GoDaddy.

And, this thread is nearly 5 years old.

 

[alcy]

not sure when it happened but I found some older google info that once upon a time payment timelines were under 10 days.

and I know for a fact that just past year, one was able to manually request (email gd auctions) that payout be made to his account, once the transfer completed and I Was able to see new owner in whois.

now they say they no longer do this, and a full 21 days has to be waited out. at which time the system automatically proceeds to payout. so I am not sure if they just got lazy or they are so severely understuffed that they cannot release payment upon request OR it takes so long to hit release payment button OR some other reason unknown to us all.

ty